Although in the educational context the virtual exchange practices have become popular since pandemic, there is a need to examine and provide more evidences and lessons learned from this kind of international experiences in order to advance in teaching on line and to train students how to be efficient when working in virtual teams. This paper studies the results of a virtual collaboration among three universities in two different countries (Peru and India). It discusses the methodologies and pedagogies of Collaborative Online International Learning (COIL) and global virtual team (GVT) and presents an instrument that was developed to understand student's needs and interests in several aspects (work in international teams, acquisition of intercultural knowledge and skills). A survey was applied to 77 students in Peru and India. The results showed the development of students' communication and collaboration skills as well as cross-cultural understanding and appreciation of other cultures. Despite the challenges that appeared during the project such as time difference, schedule, language barriers and engagement of some team members, students appreciated the opportunity to engage with peers from another country and to learn more about their culture. The COIL methodology, in contrast to GVT method, offers students more holistic and transformative learning experience supported and guided by lecturers. Trained faculty and awareness of COIL pedagogy characteristics and its implications are critical to a student's success.